Forex Flash: EUR/USD with scope to re-challenge 1.3173/77 - Commerzbank

FXstreet.com (Barcelona) - Last week's rally on latter days took out resistance at 1.3050 and introduced scope to re-challenge the 1.3173/77 band (recent high and the Fibonacci retracement/78.6% retracement of the move seen this year): “Last weeks price action constituted an outside week to the topside, when coupled with the fact the market remains under pinned by both its short term uptrend and 200 day ma at 1.2824/1.2725 – risk has shifted to the topside very near term”, wrote analyst Karen Jones, pointing to major resistance at 1.3466/1.3542 (2012 high, the 50% retracement of the 2011-2012 move and the 38.2% retracement of the move down from 2008 and the 200 week ma).

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